Question

Certified Management Accountant (CMA)

• How does this certification benefit the managerial accountant?
• How does an accountant with this certification benefit the organization?
• What organization sponsor’s the certification?
• What is the history of this organization (Date established, why was it established, founded by whom, etc.)?
• Who is the current leader/chairman of the organization
• What regulations and/or standards do they establish and/or enforce?
• What publications do they produce?
• What continuing education requirement do they have?
• What is the certification process and requirements?

Answer 1

Answer :

1. Skills and knowledge gained while pursuing CMA certification enable the professional to connect accounting concepts to its practical applications in finance. CMA certification provides skills in accounting and financial data analysis, which can be leveraged to improve performance and make strategic business decisions. CMAs are experts in cost management, budgeting, and efficiency. They make great COO and controllers because of their expert knowledge and ability to identify wasteful areas in company operations and correct them to make the company more efficient and profitable.

2. An accountant with CMA certification can benefit the organization in many ways which are listed below :

• Identify opportunities for investment management
• Act as a mentor and supervise lower level accountants
• Prepare financial statement – income statements, balance sheets, and cash flow statements
• Make presentations to senior management
• Create strategies to improve and manage various internal and external risks
• Arrange funding and financing options
• Monitor and administer compliance

3.  IMA (Institute of Management Accountants) organization sponsor’s the certification.

4. The organization was founded in Buffalo, N.Y., in 1919 as the National Association of Cost Accountants (NACA) to promote knowledge and professionalism among cost accountants and foster a wider understanding of their role in management.

In 1957, the name was changed to the National Association of Accountants (NAA), beginning an era in which we would later develop hallmark credential, the CMA.

In 1991, the organization's name was again changed to the Institute of Management Accountants (IMA), signifying broader role as the association for accountants and financial professionals working inside organizations.

5. Jeffrey C. Thomson is the current leader/chairman of the organization.

6. IMA's overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility.